In Brief:
- Niantic received a $300 million investment from Coatue.
- The company will use the funds to build the real-world metaverse.
Niantic, the company known for its popular game Pokemon GO, today announced that Coatue has made a $300 million investment in the company at a valuation of $9 billion. Coatue is a privately owned hedge fund sponsor. The investment came amid Ninantic’s Lightship’s launch earlier this month. Lightship is an Augmented Reality Developer Kit (ARDR), that assists developers to start building applications for AR environments.
Matt Mazzeo, a General Partner at Coatue, stated – “We are excited to partner with Niantic because we see this infrastructure supporting a metaverse for the real world and helping to power the next evolution of the internet.”
Niantic Inc. is a developer of the world’s first and only planet-scale AR (Augmented Reality) platform. With $300 million worth of funds, the company will invest in current games, new apps, expand the lightship developer platform and build out its vision for the real-world metaverse.
The company intends to build a future where the real world is aligned with digital items, making the world more fun, informative, and magical. Niantic is aiming to achieve its vision by creating a platform for AR applications that is based on a 3D map of the world.
Last month, Facebook CEO, Mark Zuckerberg changed the corporation’s name to Meta, as a part of metaverse push. These initiatives are focused on the possibilities for 3D social interactions, the ability to operate in the metaverse. Last week, TIME magazine partnered with Galaxy to educate readers about the metaverse. With many companies indulging in the metaverse, immersive virtual worlds will eventually impact every sector of the economy.
